Chapter 7 Bankruptcy Lawyer

Filing Bankruptcy Under Chapter 7

Experienced Lawyers Offering Chapter 7 Bankruptcy Guidance

Financial Relief for Individual and Corporate Debtors Filing Under Chapter 7

Our law firm’s Chapter 7 bankruptcy attorneys have successfully represented individual and corporate debtors in Chapter 7 proceedings throughout Florida, protecting our clients’ rights and successfully enabling them to reap all of the benefits Chapter 7 liquidations have to offer. Using an experienced chapter 7 bankruptcy lawyer to file for bankruptcy can offer needed financial relief while under protection of the bankruptcy court’s automatic stay. Chapter 7 bankruptcies are liquidation proceedings because in a Chapter 7, the bankruptcy trustee may cancel many or all of the debtors debts while also liquidating the debtor’s property to satisfy creditors. When filing a chapter 7 bankruptcy petition, the debtor will need to fill out forms describing and identifying the debtors property, the debtors current income and monthly living expenses, debts, exempt property, property sold or given away two years prior to filing of the petition and property owned and money spent during the preceding 2 years from the date of the filing of the petition.

As an individual or business owner, there is nothing quite as distressing as being unable to pay your debts. Constant calls from creditors, facing lawsuits, being sued for evictions or foreclosure, or the thought of closing your company’s doors can be life-changing. Chapter 7 of the United States Bankruptcy Code may be found here. If you are looking for a free legal resource to educate yourself on chapter 7 bankruptcy prior to choosing a chapter 7 bankruptcy lawyer, click here.

Chapter 7 may provide a much needed fresh start. It is important to fully understand how a Chapter 7 filing can affect you or your business. Retaining an experienced chapter 7 bankruptcy lawyer at our firm can provide you with valuable insight based on decades of legal experience to help you make the right choice for your set of unique circumstances.

Get started on your path to debt relief today. Contact Edelboim Lieberman Revah Oshinsky PLLC today at (305) 768-9909 for a free confidential consultation.

Filing Bankruptcy Chapter 7 for Individuals

For an individual debtor, Chapter 7 involves the liquidation of assets. Filing a Chapter 7 case does not necessarily mean that you will lose your property. In fact, if the proper strategy is in place, most debtors find their assets are protected through the generous exemptions provided by the state of Florida.

Our Chapter 7 lawyers can talk to you about the specific repercussions you may face, so you know exactly what to expect. We can also work to protect your assets and legal rights every step of the way.

In Florida, the following property may be exempt from liquidation:

  • Your house, condominium, or mobile home
  • Certain prepaid accounts, such as prepaid medical or health savings accounts
  • Your motor vehicle
  • Prescribed health aids
  • Tax-exempt retirement accounts
  • IRAs and Roth IRAs
  • Wages
  • Certain personal property
  • Workers’ compensation
  • Alimony and child support
  • Life insurance and Annuities

There are some limits to the value of the exempt property, so we recommend reviewing your finances with your attorney.

Filing Bankruptcy Chapter 7 for Corporations or Businesses

When a company files for bankruptcy under Chapter 7 of the United States Bankruptcy Code, that the business will likely cease all operations. Thus careful attention must be paid to determine whether filing bankruptcy under Chapter 7 is right for you or your business. For instance, in contrast to Chapter 7, Chapter 11 bankruptcy can offer a reorganization of your business debts while allowing your company to remain in business and operating. It is therefore important to consider all options and their particular advantages and disadvantages based on your goals and desired outcome.

Automatic Stay in Chapter 7 Bankruptcy

In filing either a Chapter 7 or Chapter 13 bankruptcy, an automatic stay will immediately go into effect. The automatic stay puts an immediate stop to creditor collection and forces creditors to come to bankruptcy court to seek relief from the automatic stay, where appropriate. This is beneficial because at least temporarily, creditors cannot legally garnish the debtors wages, empty bank accounts, or levy upon personal or real property.

An automatic stay in Florida can stop:

  • Wage garnishments
  • Foreclosures and pending evictions
  • Utility disconnections for 20 days
  • Other collection efforts from creditors

There are exceptions to what an automatic stay can stop when filing bankruptcy under Chapter 7. Generally, the effect of the automatic stay depends on your types of debts and whether you’ve previously filed for bankruptcy. In addition, creditors can motion the bankruptcy court to remove the automatic stay, if the circumstances warrant an exception. For these reasons, it is important to consult with our knowledgeable knowledgeable bankruptcy attorneys to understand your options and rights under Chapter 7.

Find out if Chapter 7 is the right next step for you. Call and speak to one of our firm’s Chapter 7 lawyers at (305) 768-9909 or contact us online.

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